MIRA
INFORM REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. ASAHI DIAMOND INDUSTRIAL INDONESIA |
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Registered Office : |
Jalan Jababeka XI
Blok F No. 35 Cikarang Industrial Estate Bekasi 17530, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
10.05.1996 |
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Com. Reg. No.: |
No.
AHU-35293.ah.01.02.Tahun 2009 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Drill Bit,
Drill Rod and Casing and Drill Equipment Manufacturing |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 1,560,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. ASAHI
DIAMOND INDUSTRIAL INDONESIA
Address
Head Office
Jalan Jababeka XI
Blok F No. 35
Cikarang
Industrial Estate
Bekasi 17530,
West Java
Indonesia
Phones -
(62-21) 893 6217 (hunting)
Fax - (62-21) 893 6342
Email - asahidi@cbn.net.id
Website - http://www.asahi-indonesia.com
Land Area - 1,200 sq.
meters
Building Space - 600 sq. meters
Region - Industrial
Estate
Status - Rent
Factory and Warehouse
Jalan Jababeka XI MFB Blok H No. 1H
Cikarang
Industrial Estate
Bekasi 17530,
West Java
Indonesia
Land Area - 1,600 sq.
meters
Building Space - 1,200 sq. meters
Region - Industrial
Estate
Status - Rent
Registration data
Date of Incorporation :
10 May 1996
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-35293.ah.01.02.Tahun 2009
Dated 24 July
2009
Company Status
:
Foreign Investment
Company (PMA)
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.071.572.0-055.000
The Capital Investment Coordinating Board
- No. 323/I/PMA/1996
Dated 17 April 1996
- No. 302/II/PMA/2005
Dated 11 October 2005
Holding
Company :
ASAHI DIAMOND
INDUSTRIAL Co. Ltd., Japan (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - US$. 4,028,200
Issued Capital - US$. 4,028,200
Paid up Capital - US$. 4,028,200
Shareholders/Owners
:
a. ASAHI DIAMOND INDUSTRIAL Co. Ltd. - US$. 3,987,918 (99%)
Address :
Tokyo, Japan
b. Mr. Akira Omori -
US$. 40,282 ( 1%)
Address : Nakamachi 73-37 Kodaira-C
Tokyo, Japan
BUSINESS ACTIVITIES
Lines of
Business :
Drill Bit, Drill
Rod & Casing and Drill Equipment Manufacturing
Production
Capacity :
Initial Unit
a. Impregnated Bits - 916 sets p.a.
b. Surface Set Bits - 111 sets p.a.
c. Tungsten Carbide Bits - 33 sets p.a.
d. Polycrystalline Diamond (PCD bits) - 27
sets p.a.
Expansion Units (1998)
a. Impregnated Bits - 2,417 sets p.a.
b. Surface Set Bits -
200 sets p.a.
c. Tungsten Carbide Bits - 50 sets p.a.
d. Polycrystalline Diamond (PCD
bits) -
139 sets p.a.
Expansion Units (2005)
a. Drilling rod/Casing - 10,000 pcs. p.a.
b. Drilling Equipment and Parts - 20,000 pcs. p.a.
Total
Investment :
Initial Unit
a. Equity Capital - US$.
750,000
b. Loan Capital - US$. 250,000
c. Total Investment - US$. 1,000,000
Expansion Units (1998)
a. Equity Capital - US$ 0
b. Loan Capital - US$. 1,000,000
c. Total Investment - US$. 1,000,000
Expansion Units (2005)
a. Equity Capital - US$. 1,000,000
b. Loan Capital - US$. 500,000
c. Total Investment - US$. 1,500,000
Started
Operation :
1 9 9 8
Brand Name :
ASAHI DIAMOND
Technical
Assistance :
ASAHI DIAMOND INDUSTRIAL Co. Ltd. of
Japan
Number of
Employee :
150 persons
Marketing Area
:
Local -
70%
Export - 30%
Main Customers
:
a. Oil and Gas Industries
b. Gold Mining
Industries
c. Others
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Guhring Indonesia
b. PT. Inti Presisi Toolsindo
c. PT. Jaykay Files Indonesia
d. PT. Multitoolindo Sejahtera
e. PT. Smith tool Indonesia
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank CIMB NIAGA Tbk. (Ex.
PT. Bank LIPPO)
Cikarang
Industrial Estate
Cikarang, West Java
Indonesia
b. The Bank of Tokyo-Mitsubishi UFJ Ltd.
MidPlaza Building
Jl. Jend. Sudirman Kav. 11-12
Jakarta Selatan - Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 82.0 billion
2009 – Rp. 95.0 billion
2010 – Rp. 110.0 billion
Net Profit
(estimated) :
2008 – Rp. 4.4
billion
2009 – Rp. 5.2
billion
2010 – Rp. 6.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Joe Harley Fisher
Board of Commissioners :
President Commissioner -
Mr. Kazuo Kawashima
Commissioners -
a. Mr. Goro Yamada
b. Mr. Derek Fitton
Signatories :
President Director (Mr.
Joe Harley Fisher) which must be approved by Board of Commissioners
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 1,560,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. ASAHI
DIAMOND INDUSTRIAL INDONESIA also known as P.T. AIBO was established in 1996
with the authorized capital of US$ 1,000,000 of which US$ 750,000 was issued
and fully paid up. The founding shareholders of the company are Asahi Diamond
Industrial Australia Pty. Ltd., of Australia (99%) and Mr. Teng Hing Thiang AKA
The Heng Theong Peter of Malaysia (1%).
In July 2002, Asahi Diamond Industrial Australia Pty. Ltd., pulled out
and the whole shares is taken over by Asahi Diamond Industrial Co. Ltd., of
Japan. In October 2005, the authorized
capital of the company was raised to US$ 2,100,000 entirely was issued and paid
up and concurrently the shareholders of the company were Asahi Diamond
Industrial Co. Ltd., Japan (99%) and Mr. Akira Omori of Japan (1%). In May
2009, the authorized capital was raised again to US$ 4,028,200 entirely issued
and paid up. No changes have been effected in term of its shareholding composition
and capital structures to date. This amendment Articles of Association was
approved by the Minister of Law and Human Rights of the Republic of Indonesia
by virtue of Decision Letter No. AHU-35293.AH.01.02.Tahun 2009 dated 24 July
2009.
P.T. AIBO obtained a Foreign Capital
Investment (PMA) facility issued by the Capital Investment Coordinating Board
(BKPM) to deal with bits manufacturing by managing a plant located at Cikarang
Industrial Estate (Jababeka Industrial Park), Bekasi, West Java on a land of
1,600 square meters. P.T. AIBO has been in operation since 1998 and the company
core business was to manufacturer Drill Bit for mining exploration. Total
investment of P.T. AIBO reached US$ 1.0 million coming from own capital of US$
750 million and the rest from loans.
In the middle of 2005 the company decided to
expand its market by getting approval of the expansion permit from Indonesia
Investment Coordinating Board No. 302/II/PMA/2005 Dated October 11th
2005 in the end of that year. The purpose of the company expansion was to vary
another product called Drill Rod and Casing and Drill Equipment which showed
high requirement in market demand. This opportunity was taken by the company
and was supported by the holding company which was signed by the agreement of
paid up capital and long term loan.
P.T. AIBO gains technology and license
assistance from Asahi Diamond Industrial Co. Ltd., of Japan, the holding
company of P.T. AIBO. A large extent of the products is locally sold among oil
and gas industries, gold mining industries and others, and the rest of some 20%
is exporter to Australia, Mongolia and Philippines. P.T. AIBO is classified as a medium sized
company of its kind in the country of which the operation has been running
smoothly and growing in the last three years.
Generally we find the demand of drill bit
for mining exploration, drill rod and casing and drill equipment, oil and gas
field equipments has kept on rising by at least 4% per years in the least five
years in line with the growth and developing of oil and gas sectors, coal
mining, heavy duty rental and others. Besides that the growing crude oil price
started as from the middle of 1999 and constantly rising within 2007 has blown
fresh air to Indonesian government and oil companies.
In the effort of stabilizing the world's
crude oil price above US$ 90 per barrel in 2008 and sharply dropped to US$ 44
per barrel in early 2009 and rose again to above US$ 100 per barrel at
present. Despite crude oil price
problem, Indonesia has kept on attempting to increase its crude oil and natural
gas production including natural gas. Details on crude petroleum (including
condensate) and gas production in 2000 to 2010 are pictured bellows:
|
Year |
Petroleum (000 barrels) |
Gas |
||
|
Gas (000 MSCF) |
LNG (000 MMBTU) |
LPG (MT) |
||
|
2000 |
516,503 |
2,907,327 |
1,411,608 |
2,062,616 |
|
2001 |
490,145 |
2,803,034 |
1,257,446 |
2,190,120 |
|
2002 |
474,884 |
3,031,028 |
1,352,878 |
1,792,575 |
|
2003 |
420,995 |
3,142,605 |
1,347,349 |
1,921,757 |
|
2004 |
438,455 |
3,113,338 |
1,390,466 |
1,677,619 |
|
2005 |
387,698 |
3,036,195 |
1,338,782 |
1,581,727 |
|
2006 |
366,993 |
3,178,278 |
1,159,770 |
1,238,572 |
|
2007 |
357,143 |
2,949,506 |
1,258,951 |
1,671,715 |
|
2008 |
357,501 |
3,136,657 |
1,175,146 |
1,800,383 |
|
2009 |
346,312 |
3,023,944 |
970,770 |
1,560,929 |
|
2010 |
296,916 |
3,017,210 |
907,861 |
2,327,905 |
Source: Statistic of Central
Board
Until this time P.T. AIBO has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management is very reclusive towards outsiders and rejected to disclose its
financial condition. However, we estimated that total sales turnover of the
company in 2008 amounted to Rp. 82.0 billion went up to Rp. 95.0 billion in
2009 to Rp. 110.0 billion in 2010 and projected to be rising by at least 10% in
2011. The operation of the company in 2010 is estimated to have gained a net
profit of Rp. 6.0 billion with a total networth of Rp. 60.0 billion.
So far, we did not hear that the
management of P.T. AIBO has been black listed by Bank Indonesia (Central Bank)
and involved in detrimental cases being settled in the court.
The management of P.T. AIBO is headed by Mr.
Joe Harley Fisher (66), a professional manager with more than 33 years
experience in rock bit manufacturing. He used to be a top executive of Asahi
Diamond Industrial Australia Pty. Ltd., of Australia. In his daily activities,
he is assisted by Mr. Yulizar Adriyanto as a financial manager. We consider the management is quite capable
of further developing business in the future. They have close relations with
many high-ranking government officials as well as with private businessmen
within and outside the country. So far, we did not hear that the company’s
management involved in business malpractices or detrimental cases that settled
in the country. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia.
We believe that P.T. AIBO is good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.29 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.17 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.